Fed Governor Adriana Kugler to resign
OAKLAND, MD – First United Corporation (NASDAQ:FUNC), a Maryland-based bank holding company with a market capitalization of $193 million and annual revenue of $77 million, announced amendments to its executive retirement plan, affecting its top executives’ compensatory arrangements. According to InvestingPro data, the company trades at an attractive P/E ratio of 9.5x and offers a dividend yield of 2.86%. The changes, filed on March 27, 2025, pertain to the supplemental executive retirement plan (SERP) for Carissa L. Rodeheaver, the Chairman, President, and CEO, as well as Jason B. Rush, Senior Vice President and Chief Operating Officer of First United Bank & Trust, the corporation’s principal subsidiary.
The amendments allow these executives to modify the distribution form of their defined benefits under the SERP. Any changes from or to a lump sum payment must be made at least 12 months before the scheduled distribution date, take effect a minimum of 12 months after the modification, and defer the distribution start by at least five years from the originally planned date.
An additional feature of the amended plan includes the accrual of interest on postponed lump sum payments. The interest, compounded annually, will be calculated at the applicable third segment rate as described in Section 417(e) of the Internal Revenue Code and will apply from the original distribution date to the new postponed date.
The specifics of these amendments were outlined in the participation agreements, which were included as exhibits in the SEC filing. The SERP and its associated participation agreements were previously summarized in the definitive proxy statement for the 2025 annual shareholders’ meeting, and the documents were filed with the corporation’s Annual Report on Form 10-K for the year ended December 31, 2024.
This SEC filing update follows First United Corporation’s ongoing disclosures and is based on a press release statement. The company, established in Maryland, operates under the national commercial banks industry classification and has its common stock listed on the Nasdaq Stock Market under the ticker FUNC.
In other recent news, First United Corporation reported strong fourth-quarter earnings for 2024, surpassing analyst expectations. The bank posted earnings per share of $0.95, exceeding the consensus estimate of $0.86, and achieved a revenue of $20.62 million, topping projections of $20.49 million. Net income for the quarter rose significantly to $6.2 million from $1.8 million in the same period the previous year. The increase was driven by robust loan growth, higher net interest income, and disciplined expense management. Additionally, First United’s net interest margin improved to 3.48% on a fully tax-equivalent basis, compared to 3.26% the year before, with total loans increasing by $74.1 million year-over-year to $1.5 billion.
Raymond (NSE:RYMD) James analyst Steve Moss recently upgraded First United’s stock rating from Market Perform to Outperform, setting a price target of $42.00. The upgrade was attributed to the bank’s strong financial performance in the fourth quarter of 2024. Moss highlighted First United’s positive credit trends and its ability to maintain a roughly 14% return on tangible common equity. The analyst also noted the bank’s successful management of expense growth while expanding its franchise. These developments reflect confidence in First United’s strategic initiatives and potential for continued growth and profitability in the financial markets.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.